Theses on Banking Policy

Original Russian title: Тезисы банковой политики{87}
Date: 1917-12-14
Source: ru:PSS/v36
Translation: AI translation by Claude (Anthropic)
Note: This is an AI-generated translation from Russian. While striving for
accuracy, readers should consult the original Russian text for authoritative
reference.
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1. To compile a report on what has been received in private banks, including in the report the liquidation of all affairs of each private bank.

(Unanimously)

On the question of how to compile the report, the following opinions:

(a) The former personnel of employees (with the right of the Commissariat of the State Bank to dismiss some of them) of each private bank is given an ultimatum assignment in the shortest time to put all the bank's affairs in order and compile a balance sheet in final form, firstly, on December 14, 1917, secondly, on the last day of operations.

(b) Private banks, performing this function of compiling reports and liquidating all bank affairs, act exclusively as branches of the unified People's Bank of the Russian Republic and only for the purposes of liquidation, conducting no new operations.

(Ganetsky and Gukovsky and Lenin)

Special opinion of Spunde:

Balance sheet on 14.XII.1917 is compiled by a special commission according to our appointment.

No other balance sheet should be compiled.

To conduct further operations, from 14.XII.1917, on behalf of the People's Bank.

All private banks, as well as the State Bank, are declared the unified People's Bank of the Russian Republic.

2. All activity of compiling reports is directed by the Commissariat of the State Bank.

The largest possible number of experienced collaborators is invited, including former employees of the State and private banks.

(Unanimously)

3. Banking policy, not limited to the nationalization of banks, should gradually but steadily be directed toward transforming banks into a unified apparatus of accounting and regulation of the socialistically organized economic life of the entire country as a whole.

4. Emergency measures for opening the largest possible number of branches of the People's Bank throughout the country.

The most expedient placement of these branches within cities and in villages in the interests of greater convenience for the public.

To use, as branches of the People's Bank, existing branches of former private banks.

(Unanimously)

5. Declaration of the inviolability of deposits (which, it goes without saying, does not in any way diminish the rights of the state to levy taxes).

6. Free check circulation.

7. Complete preservation of workers' control in relation to the issuance of money from banks.

8. Regulation of the issuance of money for consumer purposes is preserved.

A series of facilitations for the public is introduced for the purposes of accelerating deposits of money in banks and issuance of money from banks, as well as simplification of formalities.

9. Adoption of measures so that the population keeps all money not absolutely necessary for consumer purposes in banks. Preparation of a law and practical steps for the compulsory implementation of this principle.

(Not subject to publication)

10. All branches of the People's Bank within the limits of the Federative Russian Soviet Republic are guided precisely in their activity by the instructions and directives of the central administration, having no right to establish any local rules and restrictions. Exceptions are permitted only with the consent of the central administration.

Written in April, not earlier than 8, 1918

First printed in 1926 in the journal "Proletarian Revolution" No. 6

Printed from the manuscript